文档介绍：湘潭大学
硕士学位论文
论经营者激励机制的创新——经理股票期权制度
姓名:莫旋
申请学位级别:硕士
专业:数量经济学
指导教师:王键;龚志民
20060501
摘要
20 世纪 90 年代以来,经理股票期权制度已经成为现代公司架构下用以解决
委托——代理问题和道德风险的不可或缺的一个重要的制度安排,而且,其制度
本身也随着相关金融资产、法律法规等方面的逐渐完备而日臻完善。可以说,如
何充分理解经理股票期权制度,如何将这个制度有效地整合到我国企业的公司治
理结构当中,就成为一项颇为紧迫而重要的任务。
经理股票期权制度在我国仍是新鲜事物,不仅缺乏深入的理论研讨,其实际
操作也处于摸索阶段,如何适合我国国情有取舍地借鉴西方日臻完善的股票期权
激励机制,这是本文探讨的出发点。本论文第二章是经理股票期权制度的概述,
介绍经理股票期权的发展状况,并分析其成因和效应;第三章从经济学的角度来
解释经理股票期权制度,从理论的高度来探讨经理股票期权制度存在的理论基础;
第四章对经理股票期权的制度设计提出建议,包括内在构成要素的设计和外部环
境的建设;第五章主要将平均价格期权和“确定性等值法”应用于经理股票期权;
第六章是经理股票期权制度在我国企业中的应用,分析我国企业采用股权激励机
制的必要性和实施中存在的问题,提出了从创业板企业入手,推动我国经理股票
期权制度建设的思路。
股票期权制度在我国的实施不是一蹴而就的,它将是一个复杂的系统工程。
本文在此讨论经理股票期权问题,希望能对我国新型激励机制的形成与现代企业
制度的建立提供一些参考。
关键词: 经理股票期权; 委托代理; 平均价格期权;确定性等值法;
公司治理结构
I
ABSTRACT
Since the beginning of the 1990s, executive stock option system has e an
indispensable institutional arrangement under the modern corporate structure to solve
the problem of principal-agent and moral hazard. Moreover, executive stock option
system developed along with financial system and laws in such areas. It can be said
that, how to fully understand executive stock option system and how to effectively
integrate the system to the corporate governance structure of China's enterprises, has
e a rather urgent and important task.
Executive stock option system in our country is a rather new thing, not only lack
of in-depth theoretical discussions, but also short of the practical exercise. How to
draw a good lesson from the western countries and better use it in our country, this is
the starting point which this paper discusses. Chapter II introduces executive stock
option system, and analyzes its causes and effects; Chapter III explain executive stock
option system from the perspective of economics and explore the theoretical basis
which executive stock option system existence in; Chapter IV discusses how to design
executive stock option system, including the